March 26, The following attendance was recorded: Michael M. Adler, Vice Chair Marcelo Claure

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1 APPROVED March 26, 2015 FLORIDA INTERNATIONAL UNIVERSITY BOARD OF TRUSTEES FULL BOARD MEETING JANUARY 14, 2015 MINUTES 1. Call to Order and Chair s Remarks Chair Albert Maury convened the meeting of the Florida International University at 2:24 p.m., on Wednesday,, at the Modesto A. Maidique Campus, Graham Center Ballrooms, Miami, Florida. The following attendance was recorded: Present: Albert Maury, Chair Cesar L. Alvarez Sukrit Agrawal Jose J. Armas Jorge L. Arrizurieta Robert T. Barlick, Jr. Alexis Calatayud Mayi de la Vega Gerald C. Grant, Jr. Claudia Puig Kathleen L. Wilson Excused: Michael M. Adler, Vice Chair Marcelo Claure Chair Maury welcomed all Trustees, University faculty and staff. He noted that community-based health care is a central part of FIU s Herbert Wertheim College of Medicine s curriculum. He added that in order to overcome access barriers and to connect people to much needed health care services, converted RVs serve as mobile health clinics that provide free, accessible primary care to household members in their own neighborhoods. Senior Vice President of Medical Affairs and Founding Dean of the Herbert Wertheim College of Medicine John A. Rock facilitated a tour of FIU s mobile clinics. Chairman Maury reminded the Trustees of the upcoming FIU Day in Tallahassee, which he noted would take place on March 25, He stated that FIU is scheduled to host the State University System of Florida Board of Governors (the BOG) on November 4-5, 2015, noting that as part of their visit, FIU will also assist in hosting the BOG s third annual Trustee Summit and urged the Trustees to mark their calendars.

2 Page 2 2. Foundation Report Foundation Board of Directors Secretary Carlos B. Castillo provided the Foundation Report. He presented an update on the Next Horizon fundraising campaign, reporting on strategic new hires and recent changes to the organization of the Foundation Board that created five fundraising teams. He stated that as of January 10, 2015, $13.5 million has been raised towards the $53 million goal. He added that the Foundation s investment portfolio experienced fiscal year-to-date losses through December 31, 2014 of approximately 2%. 3. Public Appearances There were no public appearances. 4. President s Report University President Mark B. Rosenberg reported on the positive strides made in the advancement of FIU s Strategic Land Acquisition Initiative, noting that on November 4, 2014 Miami-Dade county voters approved a referendum that provides that FIU may expand onto 64 acres in Tamiami Park that are currently occupied by the Miami-Dade County Fair and Exposition. He stated that FIU will continue to work with Miami-Dade County and the Fair to find a suitable location to relocate the Fair, adding that the University is also committed to working with elected officials in Tallahassee to identify the funds to pay for the relocation. He added that a proposal will be presented to the Miami-Dade County Board of County Commissioners in March. President Rosenberg noted that in celebration of the 50th anniversary of FIU s founding, FIU is embarking on a University-wide year of service during which students, employees and alumni will be encouraged to volunteer in the community and extend FIU s history of making a difference. He stated that in recognition of the University s commitment to community engagement and public service, FIU received five Florida Campus Compact awards, including one for the University s partnership with Miami-Dade County Public Schools. He reported that for the second year in a row, the FIU Model United Nations team was ranked fifth Best Delegation in North America by BestDelegate.com in its fall 2014 college rankings, making it the top team from the state of Florida. He added that in its first-ever ranking by Bloomberg Businessweek, the International MBA program at FIU s College of Business was among the best in the United States, placing at No. 56. He added that the FIU Department of Interior Architecture was ranked among the top 10 interior architecture degree programs in the nation, and first among universities in Florida by DesignIntelligence. President Rosenberg reported on faculty achievements and research news, noting that Dr. David Kadko, professor and associate director of FIU s Applied Research Center, received a major $700K grant from the National Science Foundation (called GEOTRACES) in which his team will lead a six nation expedition to the Arctic Ocean with the goal of developing predictive capability as the regional ecosystem continues to warm and influence global oceanic and climatic conditions. He stated that wine professor Patrick Chip Cassidy received the 2014 President s Council Worlds Ahead Award and that Barry Rosen, Ph.D., associate dean for Research and Graduate Programs and distinguished professor, Department of Cellular Biology and Pharmacology, was awarded the distinction of Fellow of the American Association for the Advancement of Science.

3 Page 3 President Rosenberg reported on student achievement, noting that for the second time in three years, a team of students from the OHL School of Construction won the national Construction Management Competition organized by the Associated Builders and Contractors, Inc. He stated that FIU alumnus Alexander Martini earned the highest score among more than 2,800 lawyers who took the Florida Bar Examination in July. President Rosenberg thanked Trustee Gerald C. Grant, Jr. for his participation in the University s 2014 Homecoming celebration. He provided highlights from the University s athletics program, noting that FIU swimming and diving placed second at the Mizzou Invite in November and that this past season, Richard Leonard garnered First-Team All-Conference USA honors as both corner back and punt returner and was an all-conference honorable mention selection as a kick returner. 5. Action Items Consent Agenda Chair Maury noted that the Finance and Audit Committee and Academic Policy and Student Affairs Committee each recommended approval by the Board of the respective action items contained in the Consent Agenda. Chair Maury asked for comments on any of the items included in the Consent Agenda. Hearing none, a motion was made and passed to accept the Consent Agenda, and members of the Board concurred with the following actions: BT1., September 10, 2014 Approve the of the Florida International University, Full Board meeting held Wednesday, September 10, 2014 at the FIU Modesto A. Maidique Campus, Graham Center Center Ballrooms. BT2., December 10, 2014 Approve the of the Florida International University, Full Board meeting held Wednesday, December 10, 2014 via conference call. FA1. FIU Direct Support Organizations Financial Audits, FY A. FIU Foundation, Inc. - Approve the Florida International University Foundation, Inc. Financial Audit for the Fiscal Year and authorize the CEO of the Florida International University Foundation, Inc. to take all actions necessary pertaining to this Financial Audit, including filing the report with the Auditor General. B. FIU Research Foundation, Inc. - Approve the Florida International University Research Foundation, Inc. Financial Audit for the Fiscal Year and authorize the Executive Director of the Florida International University Research Foundation, Inc. to take all actions necessary pertaining to this Financial Audit, including filing the report with the Auditor General. C. FIU Athletics Finance Corporation - Approve the Florida International University Athletics Finance Corporation Financial Audit for the Fiscal Year and authorize the Executive Director of the Florida International University

4 Page 4 Athletics Finance Corp. to take all actions necessary pertaining to this Financial Audit, including filing the report with the Auditor General. D. FIU Academic Health Center Health Care Network Faculty Group Practice, Inc. - Approve the Florida International University Academic Health Center Health Care Network Faculty Group Practice, Inc. Financial Audit for the Fiscal Year and authorize the Executive Director of the Florida International University Academic Health Center Health Care Network Faculty Group Practice, Inc. to take all actions necessary pertaining to this Financial Audit, including filing the report with the Auditor General. FA2. Investment Policy Amendment - Adopt revisions to the University s Investment Policy. FA4. Quality Assessment of FIU Office of Internal Audit Approve the report on the Independent Validation Quality Assessment of FIU s Office of Internal Audit. AP1. Tenure as a Condition of Employment Nominations - Approve three (3) candidates for Tenure as a Condition of Employment. AP2. New Program Proposal: Master of Arts in Disaster Management - Approve the Master of Arts in Disaster Management (CIP ) new program proposal. AP3. New Program Proposal: Master of Science in Cybersecurity - Approve the Master of Science in Cybersecurity (CIP ) new program proposal. 6. Action Items FA3. Performance Based Funding Metrics A. Performance Based Funding Data Integrity Certification B. Audit of Performance Based Funding Metrics: Good Process Controls Contribute to their Reliability Trustee Sukrit Agrawal, Chair of the Finance and Audit Committee, requested that Internal Audit Director Allen Vann present the Data Integrity Certification and Audit of Performance Based Funding Metrics for Board review. Internal Audit Director Vann noted that the BOG requires the Board Chair and University President to jointly execute a Data Integrity Certification affirmatively certifying that the University maintains reliable systems as they relate to BOG data and reporting requirements. Additionally, he indicated that the BOG requested that the direct the Audit Director to perform an audit of the University s processes completeness, accuracy and timeliness. He stated that the University has good process controls for maintaining and reporting performance metrics data and presented an overview of the four audit recommendations that were made in order to further reduce risk. A motion was made and passed that the FIU : 1. Approve the Performance Based Funding Data Integrity Certification to be signed by the Chairman of the ; and

5 Page 5 2. Approve the Audit Report - Audit of Performance Based Funding Metrics: Good Process Controls Contribute to their Reliability G1. President s Management Review, Board Chair Maury noted that the Board s Governance Committee met earlier in the day to undertake the assessment of President Rosenberg s accomplishments for the academic year relative to the Board-approved goals and his overall performance. President Rosenberg presented an overview of the University and President Performance Goals and Results for the academic year Self Evaluation Scorecard detailing the ten BOG performance based funding model metrics and the President s incentive goals. He noted that the University achieved and/or exceeded nine goals, adding that while the academic progress rate did not meet the 3% objective, retention of full-time FTICs with a GPA greater than 2.0 increased from 75% (2012 cohort) to 76% (2013 Cohort), representing a one point improvement. He added that overall, the University surpassed the 34 point goal by achieving 35 total points within the BOG performance based funding scale, which, he added will determine the University s incremental funding for the year. President Rosenberg noted that while critical initiatives, such as FIU s Strategic Land Acquisition Initiative is not included in the BOG metrics, the process has and continues to require substantial engagement in fundraising, outreach and/or lobbying efforts, within the confines of all applicable laws. Board Chair Maury noted that as is required by the BOG, he discussed the President s annual evaluation process with the Chair of the Board of Governors. He stated that the cooperation enabled the BOG to provide input in the President s evaluation process prior to review. Board Chair Maury added that the BOG Chair provided positive feedback regarding the process for evaluating the President s performance as it aligned with the BOG s performance funding metrics. A motion was made and passed by the FIU granting a Superior performance rating to President Mark B. Rosenberg for his leadership of Florida International University during the academic year. Board Chair Maury noted that as per the third amendment to Dr. Rosenberg s contract, the Board may, in its discretion, annually award Dr. Rosenberg incentive compensation of up to $50,000 for the academic year. Board Chair Maury added that the Board has delegated the Governance Committee with the responsibility of carrying out the award of incentive compensation. He reported that the Governance Committee awarded President Rosenberg $48,000 in incentive compensation for the academic year. 7. Status Reports, Board Committees External Relations Committee Report Trustee Claudia Puig, Chair of the External Relations Committee, presented highlights from the Committee s meeting earlier in the day. She reported that the Committee reviewed the 2015

6 Page 6 Legislative Priorities and received an update on the University s Strategic Land Acquisition Initiative. She noted that President Rosenberg led the Committee in a discussion on national and critical issues, stating that the Committee will play a critical role in providing guidance on how the University can participate in a free and democratic Cuba. Trustee Puig reminded the Trustees of the upcoming FIU Day in Tallahassee, which she added would take place on March 25, Finance and Audit Committee Report Trustee Sukrit Agrawal, Chair of the Finance and Audit Committee, presented highlights from the Committee s meeting earlier in the day. He provided an update on the budget variance for the first quarter of fiscal year , noting that the University and direct support organizations operating revenues were above estimates by $1M and that expenses were below estimates by $23M (or nine percent). He stated that as is stipulated in the Finance and Audit Committee Charter, the Committee met separately with Senior Management and reported that members of Senior Management discussed the auditor s performance. Academic Policy and Student Affairs Committee Report Trustee Claudia Puig, Vice Chair of the Academic Policy and Student Affairs Committee, presented highlights from the Committee s meeting earlier in the day. She requested that Provost and Executive Vice President Kenneth G. Furton provide an update on the development of the University s Strategic Plan. Provost Furton provided an overview of the strategic planning and implementation process, delineating the overarching goals related to student success and a new funding model that will create a platform for continuing to build the financial base and rewarding efficiencies. Health Affairs Committee Report Trustee Jose J. Armas, Chair of the Health Affairs Committee, presented highlights from the Committee s meeting earlier in the day. He reported that the Committee reviewed the Academic Health Center proposed governance and discussed the integration of FIU Student Health Services with the FIU Health Care Network. He added that Assistant Vice President for Disaster Management and Emergency Operations Ruben D. Almaguer facilitated a presentation on the University s emergency response capabilities of the Mobile Van Fleet FIU DART (Disaster Assistance Response Teams). 8. New Business Board Chair Maury noted that as growing national and international concerns focus on the rise in cyber security risks joining the well-known risks of physical security, the Board s Governance Committee will discuss the establishment of proper platforms for reviewing existing policies and procedures as a means to minimizing the University s exposure. He requested that Trustees review the University s Annual Security and Fire Safety Report President Rosenberg introduced a brief video clip on the third annual TEDxFIU event. Chair Maury noted that as the respective terms for Trustees Sukrit Agrawal, Robert T. Barlick, Jr. and Marcelo Claure, expire, they have chosen to not seek reappointment. On behalf of the FIU, Chair Maury thanked and recognized Trustees Agrawal and Barlick for their

7 Page 7 dedicated service and added that they will continue to serve as members of the Board until such time that a successor is named by the appointing bodies, the Governor of the State of Florida and the BOG. Trustees Agrawal and Barlick expressed their gratitude, stating that it was a privilege to work with such a distinguished Board and pledged their commitment to help advance the mission of the University. 9. Concluding Remarks and Adjournment With no other business, Chair Albert Maury adjourned the meeting of the Florida International University on Wednesday, at 3:49 p.m. Albert Maury Chairman FIU Mark B. Rosenberg Corporate Secretary FIU MB